Discounted Cash Flow (DCF) Analysis Levered

Express, Inc. (EXPR)

$0.5927

-0.03 (-4.40%)

All numbers are in Millions, Currency in USD

Stock DCF: -553.27 | 0.5927 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	2,138.03	2,116.34	2,019.19	1,208.37	1,870.30	1,912.46	1,955.57	1,999.66	2,044.74	2,090.84
Revenue (%)
Operating Cash Flow	118.57	73.72	90.71	-323.63	89.38	-32.44	-33.17	-33.92	-34.69	-35.47
Operating Cash Flow (%)
Capital Expenditure	-57.43	-49.78	-37.04	-16.85	-34.77	-38.73	-39.61	-40.50	-41.41	-42.35
Capital Expenditure (%)
Free Cash Flow	61.13	23.94	53.67	-340.48	54.61	-71.18	-72.78	-74.42	-76.10	-77.81

Weighted Average Cost Of Capital

Share price	$ 0.5,927
Beta	1.732
Diluted Shares Outstanding	66.45
Cost of Debt
Tax Rate	-2.23
After-tax Cost of Debt	1.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.870
Total Debt	862.33
Total Equity	39.38
Total Capital	901.71
Debt Weighting	95.63
Equity Weighting	4.37
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	2,138.03	2,116.34	2,019.19	1,208.37	1,870.30	1,912.46	1,955.57	1,999.66	2,044.74	2,090.84
Operating Cash Flow	118.57	73.72	90.71	-323.63	89.38	-32.44	-33.17	-33.92	-34.69	-35.47
Capital Expenditure	-57.43	-49.78	-37.04	-16.85	-34.77	-38.73	-39.61	-40.50	-41.41	-42.35
Free Cash Flow	61.13	23.94	53.67	-340.48	54.61	-71.18	-72.78	-74.42	-76.10	-77.81
WACC
PV LFCF						-69.64	-69.68	-69.72	-69.75	-69.79
SUM PV LFCF										-348.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.20
Free cash flow (t + 1)	-79.37
Terminal Value	-39,685.35
Present Value of Terminal Value	-35,593.91

Intrinsic Value

Enterprise Value	-35,942.50
Net Debt	821.15
Equity Value	-36,763.65
Shares Outstanding	66.45
Equity Value Per Share	-553.27